South Korean Multinational Electronics Corporation Samsung, Enters the NFT Arena with Their Platform for Smart TVs

South Korean Multinational Electronics Corporation Samsung, Enters the NFT Arena with Their Platform for Smart TVs
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The electronics giant Samsung has revealed its upcoming smart TV that incorporates non-fungible token (NFT) technology. Samsung electronics has observed the popularity of NFTs, and the company believes people are going to need something to watch these artworks. The company's latest list of smart TVs, such as Neo QLED, Micro LED and The Frame, is entrusted with the NFT platform app that can be utilized in purchasing, discovering and trading digital artwork. As the need and popularity for NFTs grow, Samsung aims to launch its first smart TV NFT explorer and market aggregator in 2022. The upcoming platform will allow the viewers to trade and browse NFTs within the comfort of their couch. Although it is still not clear which NFT marketplaces will be included, Samsung has assured that image quality will not be tampered with within their upcoming smart TVs.

Samsung's smart TVs are coming with a new Smart Hub; apart from the NFT platform, it includes features like Gaming Hub. In 2022, Samsung will introduce the world's first TV screen-based NFT explorer and marketplace aggregator, a revolutionary innovation that allows users to purchase, browse and display artwork in one place.

Apart from integrating NFT in its products, Samsung has actively invested in metaverse and NFT projects via its venture capital arm, Samsung Next. Other prominent industries have also been investing in NFTs. In July 2021, Coca-Cola purchased NFTs for charitable purposes; Visa got a CryptoPunk NFT worth $150,000.

What are NFTs ?

Non-fungible tokens(NFTs) are unique, distinguishable units of data based on blockchain technology that can track properties, ownership, and transfer of any digital asset. NFTs can be any digital asset, in audio, video, photos, etc., used to represent digital artwork. They cannot be exchanged or traded with equivalency, making them different from cryptocurrencies.

What is a Metaverse ?

A metaverse is a 3D network of virtual worlds. It creates a virtual universe where avatars of human beings can be made through technology. Metaverse is a combination of VR and AR. The name metaverse was coined in the 1992 science fiction novel Snow Crash as an immersive and interconnected world that served as an alternate reality. Since then, various metaverses have been created in the online space. Metaverse has articulated itself in the gaming world. The recent rise of affordable virtual reality technologies and multiplayer online games has boosted the metaverse. The future of this industry is much more ambitious with the ever-rising blockchain technologies and NFTs.

Samsung uses blockchain technology for climate change

Recently Samsung has partnered with Veritree, a blockchain-based climate solutions platform, to plant 2 million mangroves in the coming three months. Verite utilizes blockchain technology to manage reforestation and double-check each tree planted. Verite is a sustainable apparel company that plants ten trees for every sale of clothing items.

Last year, digital art collections comprised 91% of total NFT sales. With the rise in sales, companies are raising a significant amount of funds in NFT and metaverse based projects. Last year, companies raised more than a billion dollars in blockchain-based gaming.